Pensioner in £193,000 inheritance dispute after bank error

A pensioner has ended a protracted dispute with a bank following an error that meant that his £193,000 inheritance was sent to the wrong customer.

The inheritance, intended for Peter Teich, was transferred by Barclays bank to another customer after Mr Teich had initially given his solicitor the incorrect sort code.

However, when the customer who incorrectly received the inheritance refused to return the money, Mr Teich had to enter legal proceedings in order to retrieve the inheritance.

Barclays initially gave a small token gesture of £25 to Teich, stating that the money could not be returned, before he entered legal proceedings, spending £12,000 in fees in order to obtain the other customer’s name.

Mr Teich then spent an additional £34,000 to gain a court injunction to force the other customer to pay, with the money being received in July 2019.

The legal dispute continued, with Mr Teich stating that Barclays had refused to repay his £46,000 legal fees. The bank later agreed to pay the fees as well as an additional £750 for any inconvenience caused.

In a statement, Barclays said: “It is evident that on this occasion we have failed to meet the high standards that Mr Teich can expect to receive from Barclays, and for this, we have offered our sincere apologies.

“After taking a closer look at this situation, we can confirm that Mr Teich can expect the fees he has incurred to be refunded in full with interest, together with a payment for the distress and inconvenience this matter has caused.”

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